It all depends entirely on your need for the cashflow and your other requirements. Usually fixed rate loans give you the security and certainty of knowing your each repayment amount, however you may be charged for making early repayments.

Hey omega,
With business loans, banks are generally less strict with their lending requirements. as they’re not regulated by the National Consumer Credit Protection (NCCP) act. However, to qualify, you’ll need a strong application and a strong business. Please check out the business loans page to find out more about this:https://www.homeloanexperts.com.au/business-loans/

Yes this is possible however many Australian banks will not accept a loan for this purpose. We can help if you have a property in Australia that you’d like to refinance to release equity to invest overseas.

JLogsdon

Hello, I am an electrical engineer and want to know if I can get a no LMI home loan. I have a $138,000 income, more if rental income can be added.

Hi JLogsdon
Rental income can be considered but to qualify for a no LMI home loan, your income must exceed $150,000 per annum. This way, you can borrow up to 90% of the property value with waived LMI. If you can’t qualify for this then there are still some lenders that can offer LMI waivers for up to 85% of the property value and we can help you negotiate an interest rate discount with this too.

Graham

Hi, I initially just wanted a basic home loan type but now am very much interested in getting a professional package with maybe an offset account so I can pay it off faster. The only thing that worries me is my living expenses. How do lenders calculate this? Can I get an estimate of what they’ll use when assessing?

Most Australian banks use the Household Expenditure Measure (HEM) when assessing your borrowing power for a mortgage application. You can get an estimate for this yourself by using the living expenses calculator. However, do note that the result should be used as a general guide only, as your living expenses can vary significantly depending on how you choose to spend your money. Here’s the link to the calculator:https://www.homeloanexperts.com.au/mortgage-calculators/living-expenses-calculator/

Lisa

My husband and I are wanting to build our first home with the Metricon Homes brand, Home Solutions. My husband has casual employment, with steady work every week, where he works full time hours, and he has been in his job for over 12 months. I, on the other hand, am employed permanent part time, my hours fluctuate from week to week on a cycled roster, I have been in my job for 10 months and will soon be taking Maternity Leave (I will have been in my job 12 months by the time this happens). We have over $3,000 sitting In an account for a deposit (the asking deposit is $2,000). Just some advice needed though. How likely is it that we could obtain a home loan?

Hi Lisa
Maternity leave will be ok with some banks if you can show how you’ll pay the loan while in leave.
However you’ll need a larger deposit to buy the land and build. What you’ve been quoted is enough to secure the building contract but wouldn’t cover the shortfall between what the builder needs and what the bank would lend.
A guarantor loan may work for you. You can use the search tool on our website to find a lot of info about this.

Lisa

I am guessing this is why we need to be eligible for the Home Saver program they implement…

Hi Rafael,
The bank will provide a free offset facility only under their professional package, wherein the package cost will cover the monthly full offset service fee. Hence, if you have more than one offset account, you will have to pay a monthly offset service fee (it depends on the lender; $10 per additional offset account in case of SGB and CBA). If not under a package, you will have to pay one time fee for setting up offset account and monthly service fees too. You could get more info about offset facility here https://www.homeloanexperts.com.au/home-loan-types/100-offset-home-loan-account/

Anney

I understand not all finance brokers are equal, meaning some are better on meeting customers’ need rather than just getting home loans for customers. Thinking of changing finance broker, what differentiate homeloanexperts to others please? e.g. advise on property investment (loan) portfolio.

Hi Anney,
We, here at Home Loan Experts not only help you get a home loan. Instead, we assess your situation and compare loans suitable for you and make the home loan process easy and stress-free for you. Plus, we’ve strong relationships with several banks and can negotiate pricing discounts for you, however, we’re restricted to provide you with financial advice. Call us on 1300 889 743 or fill our free online assessment form https://www.homeloanexperts.com.au/free-quote/ and find out how we can help you.

Anney

Cool. The bank usually says dealing with bank directly gives customers several advantages e.g. faster response (rather than through broker, then broker contact bank), bank has access to customer’s data directly, bank can give ‘discount’ actually more discount since no commission paid to broker. Application process much faster when direct direct with banks. Bank offers a complete one stop linking your business loan, saving account etc to home loan with offset account.
What do you say about that? (I don’t work for banks by the way).

Yeah, it may be true to some extent but dealing with a mortgage broker doesn’t necessarily slow the deal. Moreover, we do all the legwork for you and you don’t have to deal with them for anything. And, we have a dedicated customer service team who’ll look your loan even after your loan has been settled and make sure it’s competitive.

We’re experts at finding the right home loan solution for our customers